The Boys and Girls Club (BGC) of Cochrane and Area had a rough year.
After a loss of $95,000 in the 2014/2015 operating year, the BGC Cochrane was faced with the tough decision to lay off six employees.
“With the economic climate as it is, not for profits are not immune to the challenges. Throughout the past year we have experienced the effects of increasing expenses … we laid off six employees in an effort to stay financially viable,” said Debbie Main, BGC chairman of the board in a press release.
The club’s financial status was brought up at the Dec. 14 council meeting, where it was reported the loss was mostly due to accounts receivables, bad debt for PlayDay fees, an increase in staffing resulting in high wages and benefits, as well as high rental costs.
As a result, the club’s board of directors was granted a balanced budget for the 2015-16 fiscal year, and a strong directive was given to the executive director to engage in an extensive review of revenues and expenses, and to balance the goals of the organization with that of financial responsibility and accountability. The executive director left the organization in September of this year, according to the council agenda.
“We are grateful for the continued support of our long time funders, donors and community. The board, staff and volunteers are fully committed to ensure a strong future for the Boys and Girls Club of Cochrane We will stay true to our roots and focus on our core values and ensure that the children and youth of Cochrane and area have a fun, engaging and safe place to go,” said Main.
The financial loss led the club to ask the Town of Cochrane for a one-time grant of $25,000 and a loan of $25,000, to be funded from the Family and Community Support Services (FCSS) Operating Reserve.
Senior manager Suzanne Gaida of town community services assured council members that the BGC of Cochrane was working closely with FCSS with full support of the loan.
It was suggested by Gaida that if council had any questions to go in-camera for discussion due to sensitive content. Council declined and approved the request.
